Tether unveils merger plan for unified Bitcoin company

Tether proposes merging XXI, Strike, and Elektron to form a unified Bitcoin company spanning treasury, mining, and financial services. XXI shares rose after the news. Merger terms remain undisclosed.

Tether Investments has proposed merging Twenty One Capital (XXI) with Bitcoin financial services firm Strike and Bitcoin miner Elektron Energy. The goal is to create a comprehensive Bitcoin company that integrates treasury, mining, financial services, lending, and capital markets under a single public platform. Strike would contribute its global financial services and regulatory infrastructure, while Elektron would bring large-scale mining operations. Tether plans to support the merger and has recommended Elektron CEO Raphael Zagury as president of the new entity, with Strike founder Jack Mallers also taking an executive role. The merger aims to strengthen XXI’s structure and expand its focus beyond Bitcoin treasury holdings into broader financial services and mining. XXI shares rose in after-hours trading following the announcement. Details on terms, timelines, and governance have not yet been disclosed.